Jefferies-Energy Unexpected Crude Build, Smaller Gasoline Larger Distillate Draw-20251016
这篇研报讲什么？
摘要原文摘录Inventories drew overall this week, with combined crude oil, gasoline, and distillate stocks decreasing ~1.27mn bbls vs the BBG median estimate of a ~3.20mn bbls overall draw.
机构观点归属Jefferies，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Inventories drew overall this week, with combined crude oil, gasoline, and distillate stocks decreasing ~1.27mn bbls vs the BBG median estimate of a ~3.20mn bbls overall draw.
Please click [HERE] for full slides, graphically detailing the released data.
•Crude oil inventories built ~3.52mn bbls vs the BBG median estimate of a ~1.20mn bbls draw.
•Gasoline inventories drew ~0.27mn bbls vs the BBG median estimate of a ~1.00mn bbls draw.
•Distillate inventories drew ~4.53mn bbls vs the BBG median estimate of a ~1.00mn bbls draw.
•Cushing crude stocks drew ~0.70mn bbls to ~22.00mn bbls, ~12% lower y/y.
•Refinery runs decreased ~1,167kpbd WoW to ~15.13mmpd, ~4% lower y/y.
•Implied crude oil demand decreased ~0.84mmbpd WoW to ~18.66mmbpd, ~3% below year-ago 3-wk moving avg.
•Implied gasoline demand decreased ~351kbpd WoW to ~9.47mmbpd, ~4% below year-ago 3-wk moving avg.
•Implied distillate demand decreased ~190kbpd WoW to ~5.40mmbpd, ~1% above year-ago 3-wk moving avg.
•Crude adjustment factor was 587kbpd, an increase of 426kbpd WoW vs week-ago level of161kbpd.
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